HyProMag Expansion Into Germany Highlights
- HyProMag Limited (“HyProMag”) subsidiary established in Germany to rollout commercialisation of HPMS (Hydrogen Processing of Magnet Scrap) technology into Germany and Europe, and to further support Government initiatives to strengthen European rare earth supply chains and accelerate the green transition
- New German subsidiary, HyProMag GmbH, is 80% owned by HyProMag Limited and 20% owned by Professor Carlo Burkhardt of Pforzheim University in Germany, co-ordinator of the €14m EU funded SusMagPro project (www.susmagpro.eu) focused on rare earth magnet recycling with 19 partners across the European supply chain
- Both Mkango and HyProMag now have strong and complementary platforms for growth in both the UK and EU, and are well positioned to capitalise on accelerating demand for rare earths and increased focus on the circular economy
LONDON and VANCOUVER, British Columbia, Nov. 15, 2021 (GLOBE NEWSWIRE) -- Mkango Resources Ltd. (AIM/TSX-V: MKA) (the "Company" or "Mkango") is pleased to announce that HyProMag Limited (“HyProMag”) has established an 80% owned German subsidiary, HyProMag GmbH. HyProMag GmbH is 20% held by Professor Carlo Burkhardt of Pforzheim University in Germany, who has also been appointed to the board of Directors of HyProMag GmbH.
Germany is a major producer and market for rare earth magnets in Europe, and the establishment of HyProMag GmbH provides a strong platform to grow the business in the region. Germany has no domestic sources of primary rare earths. Development of domestic sources of recycled rare earths via the patented HPMS is a significant opportunity to diversify and strengthen development of a more resilient rare earths supply chain in Europe.
The HPMS process for extracting and demagnetising neodymium iron boron (“NdFeB”) alloy powders from magnets embedded in scrap and redundant equipment was originally developed within the Magnetic Materials Group at the University of Birmingham and subsequently licenced to HyProMag. As an affiliated company, HyProMag GmbH is covered by the exclusive license of HyProMag and the companies will share new developments. Rare earth magnets play a key role in clean energy technologies including electric vehicles and wind turbine generators, and they are also a key component in electronic devices including mobile phones, hard disk drives and loudspeakers.
Mkango’s wholly owned subsidiary, Maginito Limited (“Maginito”), holds a 42% equity interest in HyProMag, with an option to increase its interest up to 49%. Maginito has the first right to supply primary production, if required for blending with recycled production from HyProMag, as well as product offtake and marketing rights.
https://www.globenewswire.com/news-release/2021/11/15/2333784/0/en/Mkango-Announces-HyProMag-Expansion-Into-Germany.html